Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] South Bend Repair Service Company keeps its records without the help of an accountant.
Required information [The following information applies to the questions displayed below.] South Bend Repair Service Company keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: a. Depreciation expense for the current year, $4,700. b. Insurance expired during the current year, $1,300. c. Wages earned by employees but not yet paid on December 31 of the current year, $3,800. d. The supplies count at the end of the current year reflected $1,800 in remaining supplies on hand to be used in the next year. e. Seven months of interest expense (on the note payable borrowed on June 1 of the current year) was incurred in the current year. f. Income tax expense was $3,114. 2-a. Prepare an income statement (with Operating Income and Other Items sections, and earnings per share) for the current year to include the effects of the preceding six transactions. 2-b. Prepare a classified balance sheet for the current year to include the effects of the preceding six transactions. Complete this question by entering your answers in the tabs below. Prepare an income statement (with Operating Income and Other Items sections, and earnings per share) for the current year to include the effects of the preceding six transactions. (Round "Earnings per share" to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started